Trump tariffs are a wealth killer

Trucks lined up at the US-Mexico border crossing at Laredo, Texas. (Image: US Customs and Border Protection)

Sat, 01 Feb 2025

By Andy Kessler“We will tariff and tax foreign countries to enrich our citizens,” US President Donald Trump declared in his inauguration speech. Adam Smith, the Scottish economist and philosopher who believed that economies thrive with competition, capitalism, and a free market, is turning in his grave. Tariffs destroy wealth. No matter Trump said he may slap 25% tariffs on Canada and Mexico and 10% on China.An executive memorandum demanded his administration study trade deficits and tariffs. Here’s a study guide:In 1815,...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Property

Maria Slade: In defence of the villa

Removing protections from Auckland’s villas won’t solve the housing crisis.

Maria Slade 5:00am

Technology

Creative HQ pushes startups out the door

The innovation hub's alumni companies are valued at an estimated $1.3b.

Greg Hurrell 5:00am

Creative HQ pushes startups out the door

Business

NZ agency Thompson Spencer enters Australia post-merger

More Australian offices and acquisitions could be on the cards, co-CEO says.

John Anthony 5:00am

NZ agency Thompson Spencer enters Australia post-merger

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

Sponsored

Go beyond reporting zero emissions

Clean energy that helps businesses and communities thrive

Meridian Energy

More Trade

News in Brief

Luxon travelling to London, Istanbul and Gallipoli

Prime Minister Christopher Luxon will travel to the United Kingdom and Türkiye next week, visiting London, Gallipoli, and Istanbul.Luxon recently travelled to India and Vietnam and said this trip would also emphasise trade.In London, Luxon will meet with Prime Minister Keir Starm...

Staff reporters 17 Apr 2025